LIC Single Premium Endowment Plan 917 Maturity Calculator

The Endowment Plan 917 of LIC is a wise choice for anyone looking for a one-time investment plan with long-term goals. Unlike other insurance plans, the speciality of this plan is that the premium is paid as a lump sum amount at the beginning of the policy term. It means that no other amount needs to be paid for the rest of the policy period, but it provides equal benefits like any other plan.

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The endowment plan 917 has death benefits, maturity benefits, and participation benefits. It assures a good amount of money in case of premature death or when the policy reaches maturity. As it is a participating policy, it participates in the profits of the Corporation, and bonuses are acquired throughout the policy term. These bonuses are paid to the insured at the end of maturity, along with the Sum Assured on maturity. 

Details of the Plan

  • Anyone between the age of 90 days and 65 years of age can buy this plan. 
  • The policy term can be anywhere between 10-25 years. 
  • The minimum age required at the maturity of the plan is 18 years, and the maximum age required is 75 years. 
  • The minimum Sum Assured under this plan is Rs. 50,000, and there is no upper limit to the maximum amount. 
  • Premium can only be paid as a one-time investment at the commencement of the policy.
  • The Sum assured on death is affected by another factor – risk commencement. It means that if the insured dies before the risk commencement of the policy, then the Sum Assured on death would be the premium, excluding taxes and bonuses. However, if the insured dies after the risk commencement of the policy, then the Sum Assured on death would include the additional bonuses.
  • The risk commencement works for anyone of 8 years of age or above.

How are the Premium and Sum Assured on Maturity Decided?

The Sum assured on maturity depends on many factors. When a customer is looking for an insurance plan, it is assumed that they have certain requirements in mind. These usually include the number of years they want to provide financial protection to their family after their demise. They might also have a certain amount in mind that they would want at maturity in return for an investment. 

Based on these factors, the policy is decided. The higher the Sum assured on maturity, the higher would be the premium. The premium also depends upon the age of the insured, the policy term, and other extra benefits. It means if a customer is willing to pay a higher premium, then he/she can raise the Sum assured on maturity. This will ensure a higher return for higher investment.

What is the LIC Single Premium Endowment Plan 917 Maturity Calculator?

It is a computerized tool available online for LIC customers who have bought the single premium endowment plan 917. As the name suggests, it is a maturity sum calculator tool and gives an estimated value.

Suppose a customer has invested in this plan and iswondering, how much the plan would yield at the end. This tool is customized just for them. It would ask the customer to input specific details about the policy and some personal details. Based on the information provided, it calculates and displays the approximate maturity sum that the customer can expect. It also shows the approximate bonus amounts, surrender value, etc. As it is a single premium plan, the customers are always apprehensive about how much their invested money would profit. This calculator is of great help to those customers!

How to use the LIC Single Premium Endowment Plan 917 Maturity Calculator?

The LIC single premium endowment plan 917-maturity calculator is available online on various trusted websites. The first step would be to find the calculator. The next step would be to keep the policy details handy. As the page comes up, the customer would see blank fields. They need to put their values and details accurately there and click on the submit button. Work done! It won’t take up much time and would display the desired results soon.

What Details are Required?

The LIC single premium endowment plan 917 maturity calculatorasks for a few personal details and specific policy details. Following are the personal details the customer needs to share:

  • Date of birth of the insured.
  • Gender of the insured.
  • Mobile number.

Following are the policy details asked by the LIC single premium endowment plan 917-maturity calculator:

  • Date of commencement of the policy.
  • The date on which the premium was paid.
  • Payment mode by which the premium was paid.
  • The amount of premium paid.
  • The Sum that is assured.
  • The policy term.

Advantages of the LIC Single Premium Endowment Plan 917 Maturity Calculator

Most people are afraid of investments because of the risks that are involved. No one wants to lose his or her hard-earned money. Everyone desires to multiply their money to provide maximum protection and comfort to the family. With these points in mind, it is only natural that any person can worry about the outcomes of investment. Rather than spending years in apprehension about the probable outcomes, the LIC single premium endowment plan 917 maturity calculator can provide some solace. Following are the advantages of this tool:

  • When customers are unsure about how much their policy would yield at the end, this calculator can give a rough idea.
  • It not only tells the approximate maturity value. It also tells how much bonus amount the policy is expected to acquire throughout the policy term.
  • If a customer is thinking about surrendering the policy but is unsure how much this plan would yield, this calculator can tell the policy's surrender value.
  • As the customer gets a rough idea of how much he/she can expect at the end of the policy, it can help make further financial plans.
  • The LIC single premium endowment plan 917 maturity calculator is readily available online and is easy to use.
  • It asks for very basic details to provide the required information and does not take much of the customer’s time.

FAQ's

Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply.

**Tax benefit is subject to changes in tax laws. Standard T&C apply.

Written By: PolicyBazaar - Updated: 24 August 2021
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Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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